Hi guys, hoping someone more familiar with the tax implications can put my mind at ease here as I'm reading the UK tax code for cryptoassets and I don't think I'm understanding it correctly.
I have about a half coin on my Binance trading account, been there for ages, and I'm hoping to a little bit of trading to grow that into 1 whole coin. If I was to trade that 0.5 coin for say 10 ether, then 2 weeks later sell the 10 ether for 0.6 bitcoin, then use that to buy 100 monero then sell that for 0.65 etc. and so on through say 20 separate transactions until I get to 1 coin, is each individual transaction a taxable event?
I was under the impression that I'm only liable for tax when I "realise profits" so I would pay CGT in one go when I converted back to fiat and withdrew the funds from the exchange, and if I'm just jumping from one alt to another without it ever leaving the exchange, then I haven't actually made anything.
Subjecting each and every single transaction to CGT seems like an onerous burden (I could imagine a pro trader making thousands of trades in a year) so I don't think I'm reading it right, but like I said if someone more familiar with this stuff could clarify it would be much appreciated.
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